DefiLlama, a prominent platform that offers transparent analytics in the decentralized finance (DeFi) sector, has made an announcement that Bitcoin has entered the top 10 chains in terms of total value locked (TVL).
Bitcoin has now secured the 9th position with a TVL of $1.146 billion. This achievement brings Bitcoin only $400 million away from reaching the 6th spot on the list. Currently, Base holds the 6th position with 276 protocols.
The current top 10 chains by TVL are as follows:
1. Ethereum: $55.173 billion
2. Tron: $8.753 billion
3. Binance Smart Chain (BSC): $5.247 billion
4. Solana: $4.695 billion
5. Arbitrum: $2.763 billion
6. Base: $1.574 billion
7. Blast: $1.569 billion
8. Merlin: $1.205 billion
9. Bitcoin: $1.146 billion
10. Avalanche: $990.46 million
Ethereum continues to dominate the DeFi market, leading by a significant margin with a TVL of $55.173 billion. Tron and Binance Smart Chain (BSC) secure the 2nd and 3rd spots, respectively, with $8.753 billion and $5.247 billion.
Bitcoin’s entrance into the top 10 is a significant milestone, indicating a growing interest and investment in its DeFi ecosystem. With Bitcoin gaining traction, it has the potential to surpass other chains in the future.
This achievement highlights the changing trends in the crypto landscape, where blockchains that were traditionally not focused on DeFi, like Bitcoin, are now making significant progress. This trend showcases the increasing versatility and adoption of Bitcoin beyond its original purpose as a store of value and medium of exchange.
Platforms like DefiLlama play a crucial role in providing insights into the distribution of value across different blockchains as the DeFi ecosystem expands. Bitcoin’s rising TVL demonstrates its robust security, widespread recognition, and the growing range of financial products and services built on its network. As Bitcoin’s dominance grows, so does people’s trust in it. The crypto community is closely watching Bitcoin’s progress and the potential shifts in the DeFi rankings in the coming months.